Jeff Walton on Trillion-Dollar Bitcoin Capital and Update on $SATS IPO

CCC high-yield credit spreads were widening, yet Strive still raised $700 million for Bitcoin. Jeff Walton, the chief risk officer of Strive, explains how this demonstrates the expanding market for Bitcoin-backed preferred equity. He addresses Strategy's daily dividend vote, the future of rated capital, and why he believes that is where the next trillion dollars come from.

Walton's discussion covers multiple aspects: Strive's $700 million SATS preferred stock IPO, the background of the upsized offering, how high Strive can take its amplification ratio, SATS vs. SATA as a capital-raising tool, the 18-month dividend reserve, surviving the longest Bitcoin bear market with no capital access, Strategy's daily dividend vote and STRC returning to par, a gold rush of new capital pools chasing Bitcoin, raising capital as high-yield credit spreads blow out, and MSCI's exclusion of Bitcoin treasury along with the Vanguard parallel.

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